MLM Passive Income
Irs Capital Gains Knowledge Base
What is the IRS capital gains impact of losing a second home to hurricane? House was total loss. We received insurance payment and it exceeds what we paid for the house. Can we rebuild or move elsewhere and not be required to pay capital gains?
How is the option fee in a rent to own transaction treated by the IRS? Is it susceptible to capital gains tax? If the seller collects $100,000 from the buyer in a rent to own contract, does the seller declare the $100,000 to the IRS as ordinary income? Is it susceptible to capital gains tax? Does the IRS impose a limit on how much the option payment can be?
When paying taxes on capital gains, does the IRS count commissions? For example, if I have sold several stocks with a flat rate commission of $4.95 for buying and selling, and my total gains would appear to be X. However, after the commissions are taken into account, I only truly gained Y, where Y is less than the value of X. Doesn't the IRS only see my total gains and not see the commission fee, or am I wrong here?
What are all the forms required for reporting Capital Gains to the IRS? I know that one of the forms is a Schedule D: http://www.irs.gov/pub/irs-pdf/f1040sd.pdf but what if you have alot more stocks to list than the few spaces available on this form? Where do you put them? Is there another form or forms that you can use? What happens if you have 15 pages of stocks you traded to claim come tax time? How does that work?
Can IRS tax me for capital gains and dividends on a state tax-free municipal bond fund? I just received an IRS audit for failure to report security & dividend income on my Oppenheimer AMT-Free New York Municipal bond fund. With interest and penalties, they are advising that I owe over $1,900 more than what I paid in taxes for the year 2009. Should I fight this? Or does NY tax free mean it's tax free only for NY State taxes not US/IRS taxes? Note: The IRS sent me a CP2000 notice.
How does the IRS track the basis for capital gains on sales of stock? When you file your Income Tax return you list date of purchase and cost of the stock purchase. Other than your honest response how does the IRS know if the amount is correct. Price and date can be compared but with multiple purchases you can list various as the date eliminating that direct comparison. Since the IRS is not known for a high level of trust I have often wondered how they check.
I sold property. How does the IRS know what I originally paid for property I inhereted. (For Capital Gains).? I inherited 12 properties 6 years ago. I sold 2 of them. How does the IRS know what I paid for them originally (inheritance tax)? How would the IRS know if you had a capital gain or not? What to stop a person from saying they paid $100,000 for a property that they only paid $50,000 for? What kind of proof do you have a supply the IRS?
Are capital gains part of gross income to the IRS? I am wondering if capital gains are included in the definition of "gross income" or it is just money that you have earned through employment?
About when I report my capital gains/losses to the IRS? Do I need to file every trade that I made in the stock market (I made a bunch of short-term trades) or can I just report a single number: my gain or loss ?
How does the IRS define "primary residence" to avoid paying capital gains tax? How do you determine when the two years officially starts? We moved into our home before construction was actually completed and we didn't roll over our construction loan to a permanent loan until 6 months later. Does the IRS consider the closing of the primary mortgage the official beginning of residency? Or does it begin when you move in and start paying utilities?
IRS code Sec. 1222; REg 1.1222-1 question for land contract sale. Can one defer capital gains on sale? I do underwriting for commercial lending, so need direct reference from IRS (searching myself in meantime). Is it true that one can defer capital gains on property sold on land contract? He claims that "Under Capital Gains the IRS code Sec. 1222; Reg 1.1222-1 specifies “In the case of real estate, a sale or exchange occurs on the earlier of the date of conveyance or the date when all of the burden and benefits of ownership pass to the purchaser. Obviously, the purchaser does not have all of the burdens or rights of ownership, i.e., they cannot sell the real estate, drop insurance, burn it down, not pay the taxes, not pay the monthly payments (without ownership reverting to me) and dozens of other factors. Purchaser could simply walk away and I’d have them back! Of course the conveyance of the deed won’t happen until the last payment is made in full." He refers to "like like" exchange as other loophole and why pay cap gains if you don't have to. Please include link or pro reference.
If I gift a car 2 my dad meaning sign over the title to my dad for a car I own, does he owe capital gains tax? I have an older car I wanted to give my dad for free. I went to the DMV and put gift on the title and gave it to my dad to sign. Now the title is only in his name. Does this mean he'll owe some tax at the end of the year to IRS for capital gains tax? I'd also want to add that I make no plans to claim the gift as a write off in my own taxes. I want to make sure he owes nothing for this car he received.
is it possible to trigger an IRS audit on someone that I know under-reported capital gains on real estate? A friend purchased property off someone and the purchase price reported on the settlement statement was supplemented quite a bit with a cash payment. First, how can this person be reported? And secondly, can my friend get in trouble since the settlement statement has the lower amount? And how can they prove the cash payment?
What are the IRS rules for excluding price appreciation of my home from capital gains taxes? Do I need to retain home improvement records from prior residences?
Does the California DMV report capital gains from private party car sales to the IRS? Firstly, I know that capital losses on cars are exempt. I am asking about capital gains. If you buy a car for, say, $1000, and sell it for $6000, most sources say that you must report this as a capital gain on your taxes for that year, and you will be taxed on the $5000 difference. Is this up to you to report the correct amount? Or, since the DMV has on record how much you bought and sold the car for, will they report the capital gain to the IRS and/or send you a tax form (equivalent to a 1099 that you may get from your bank)? Basically, how would the IRS find out if you forgot to report the gain? Follow-up question: apparently you can subtract any money you have put into restoring the car from the taxable gain. Does the IRS require that you provide receipts to prove how much you spent on it? If so, how does this account for manual labor that you have put into the car, which wouldn't have a receipt?
Reporting capital gains to IRS? I owned BRL stock which was bought by TEVA for TEVA stock and cash. How do I value the BRL stock at the time of sale? Thank you!
Is there restriction by IRS on number of capital gain transactions (reported in 1099B) for Efiling my reurn? I have got to include about 1700 capital gain/loss transactions as reported by my broker in 1099-B. I used TaxCut software (H&R Block product) to prepare my individual return. But when I wanted to Efile the return there is a message that since I have got more than 250 entries of capital gain transactions, I am not eligible to efile. Instead I have to send a paper return. TaxCur people do not answer properly my question whether it is an IRS restriction not to accept efile with more than 250 CG entries or it is a TaxCut software limitation. Can somebody guide me whether I can efile with any amount of 1099-B entries? If IRS restricts the number of transactions for efile, Then I have a big problem of printing several pages of Schedule - D which costs a lot to print and send. Please send your valuable help in this matter.
figuring capital gains on mothers estate for 06 taxes,what does irs require to establish market value? house in poor repair. sold it for current tax value. no appraisal conducted.
Sending a Schedule D form to the IRS to tax capital gain/loss ? So I want to trade a fairly small amount of money on the stock market through an online brokerage. When I accumulate a capital gain or loss, do I just simply fill out a Schedule D form with the info? How will the IRS know what tax bracket I am in so they know what to take out? Finally, what time of the year should this be done?
Figuring out capital gains tax - IRS form 104 schedule D. SO CONFUSED!? How do I put this on the Form 1040 Schedule D: If I bought 300 shares at one price and later another 400 at another price, how do I: *How do I record it if I sold 50 shares at one price and later another 90 shares at a different price? *How do I record it if I sold 500 shares at one price and 100 shares at another price?
Do I have to pay full Capital Gains Tax if I have No Money and low income? Inheritating half house. Do I have to pay full capital gains tax? I have very little income and heard due to this that i could get a reduction on C G tax? Also when does the IRS calculate gains, from time of death to when I recieve the money from sale of House? House has been sold by the estate. Sold for $430.000
Sending a Schedule D form to the IRS about reporting tax capital gain/loss ? I'd like to invest a small amout of mouney on the stock market via an online brokerage. When I get a capital gain or loss, do I just need to fill out a Schedule D with the sales? How will the IRS know what tax bracket I am in so they know what to take out?
What would be my tax bracket, and how much capital gains will I need to pay? I am 22 years old, and single....I currently make $26,112.00 (USD) annually before tax. What would be my tax bracket? Also, if I recently purchased stocks, and have a capital gain of $171.52, and would like to sell my shares for a short term gain, what would be the amount of taxes that I must pay, and how can I stay on top of paying these gains to the IRS?
In the example you give, is the sellers sales price considered to be 200k or 205k for capital gains purposes? Since the seller is really only getting 200k for the sale of their home, (since the extra 5k is being returned to the buyer to cover closing costs), can the seller report the sales price as 200k on their Capital Gains worksheet? What are the IRS guidelines regarding Seller Assistance and Capital Gains?
Can a parent's short-term capital loss be used to offset child's capital gain if filed on the same IRS return? My son's custodial account has ~2k of short-term gains for TY07. I'm wondering if I can use a short term capital loss from my own account to offset his gain.
Where do Capital Gain and Depreciation Recapture get entered on IRS Form 1065? A partnership I am a member of sold an apartment building last year that we have owned and depreciated since 1979. Using IRS Form 4797, I have computed: (1) the total gain, (2) the amount of gain subject to depreciation recapture, and (3) the amount of gain that is long term capital gain (Form 4797 lines 30 - 32). My question is on what lines of IRS Form 1065 Schedule K do these numbers get entered on?
Newbie investor wanting to stay on top of capital gains taxes? Im a new investor, and have made a some extra cash the last few weeks. I've been holding the stocks for just a few weeks, and am thinking about selling them for a short-term gain. The amount that I would be paying is in the 15% tax bracket. How could I stay on top of paying these taxes to the IRS? Would it be best to pay my capital gains tax quarterly or at the end of the year?
How is capital gains tax calculated when the house is sold in foreclosure? I've two rental condos foreclosing in a few months. One of them should have a capital gains exemption because I used to live in it and moved out of it in July of 2006. My questions: 1) what is the percentage used in calculating capital gains tax on rental homes foreclosed? 2) I might have to file for bankruptcy also in the next few month. Will a bankruptcy discharge cancel the capital gains tax? 3) What records do I need to give to the IRS next year? Thanks so much.
How IRS differentiates job income vs. stock capital gains on taxes? I invest in stocks and am aware that long-term capital gains in stocks get discounted at a lower tax bracket as opposed to a short-term hold. While that is just stock gains, how do they differentiate between income from your job and stock gain brackets? I'll give you an example scenario: I invested for long-term capital gains in a stock and made a profit of $100,000. Now according to the brackets, at 100,000 for long-term you are taxed at 15%. But, when they weigh my job income in there, and say my yearly salary is $100,000; my yearly capital gain is $200,000. How can they differentiate my stock capital gains and job income gains at a different tax bracket? Because I should be getting 15% on the stock gains and 28% on job earnings. How do they break this down?
How much capital gains taxes will I owe under these special circumstances? I need help. I've done tons of research but neet to know if anyone can point to to a definite answer. I spent 17 months building a house only to find out 2 weeks before closing on it that my husband was being let go from his job. He works in a highly specialized feild and we had to move to another state to find work for him. Needless to say we sold put the house up for asle the same day we closed on it. We bought it for 398k and since it too 17 mos to build sold it for 560k. We owned the home for 3 months before we sold it. My question is are we eligible for any kind of tax break on the capital gains because of the unforeseeable circumstances (moving for a job)? The irs mentions this, but doesnt go into detail. I need to know so i can plan in advance or find out if i am going to be stuck with a huge tax bill. My profits went into our new house in the new state, so I need to start planning now. I lived in the house with our kids for 3 months until the sale went through while my husband went to work in another state, then we joined him. Also the IRS says there are special exceptions for the unforeseeable circumstance of having to move for a job but doesn't tell me what they are so i can figure what my taxes are going to be. Thanks for the answers so far!
How does the IRS track down income from capital gains? I have started investing in stocks and I am now doing it on my own. I have sold some stocks and now have a realized gained. I am still holding on to stocks that lost value which is an unrealized loss and I understand that taxes will not recognize these losses until I sell these stocks. A buddy of mine who has been doing it for 30 years says he doesnt report them to taxes. How is he escaping from the IRS? He suggested it to me but the thing is I am only 20 yearsold and still under my mom's taxes. I dont want her to get in trouble.
How do I estimate my capital gains taxes? Let's say I have 80K in adjustable gross income, and a capital gain of 200K from sale of a non-primary residence real-estate that we have owned for more than one year. The filing status is "married filing jointly." Here is a link to the 2006 tax schedules: http://www.irs.gov/formspubs/article/0,,id=150856,00.html Will I pay "$8,440.00 plus 25% of the amount over 61,300" for the 80K plus 15% of the 200K capital gain? Or will I pay "$42,170.00 plus 33% of the amount over 188,450" for the entire $280K? So is the 15% capital gains tax an extra tax on the 200K? I think I'm getting confused because I thought short term capital gains were taxed at a regular tax rate, but long term capital gains got the 5% or 15% tax rate. So how is the 15% applied in combination with the rest of my adustable gross income? Thank you for any information that you can provide.
Is it true when you sell a gold coin or a bar of gold you pay capital gains plus 28% collectible taxes? I have been told when you sell collectibles you pay both a capital gains tax and a 28 percent collectibles tax to the IRS. Gold is a collectible metal and coins are also collectible.
Capital Gains On Agricultural Land sale USA? I currently sold property for a sum of $350,000 US dollars in the same state I live (SC). After having it long enough to make it Long-Term. I am currently unemployed and have had no income (hadn't had to file federal taxes in at least 4 years.) My question is, am I considered in the 10% income bracket for this sale at 0%, or will the IRS take the $350,000 and put me in the higher 15% capital gains bracket due? About 315-320,000 would be gain.
Stock broker commissions on capital gains? I am with TDAmeritrade, and I've noticed that they don't calculate broker commissions into my Gain/Loss. Would the IRS be angry if I said "I incurred an additional $19.98 ($9.99 commission * 2)" and write it off as a capital loss?
capital gains on real estate? To avoid capital gains the irs says you must live in home 2 of last five years. Does that mean i have to live there for 5 or 2? I just bought a house and am wondering if I can sell in two years and not have to pay taxes?
Started a business with my Mom in 1999. Recorded as a sole prop. can we both claim capital gains on sale? Written agreement in 1999 stating all losses and gains would be split. With the sale hate to see one of us stuck with income tax 30%+ and the other with capital gains 15%. Any thoughts and reference (IRS forms)?
Capital Gains Tax Question? My situation: I have a brokerage account. The state where I reside placed a levy on it in March of 2009 which prevented me from buying stock within that brokerage account or taking capital out of that brokerage account, however, I was allowed to sell whatever stock was in the account and turn those stock certificates into cash; but I couldn't have access to the cash. In December of 2009, I decided it was time to sell one of the stocks in that account. My gain from the sale was $10,000 which is what I have reported on Schedule D of my tax return for fiscal 2009. My question: On my tax return, I am showing that I owe $1500 owed to the IRS for capital gains. Why do I have to pay a capital gains tax on money that the state has levied (claimed ownership of) and that I don't directly benefit from? Any help would be appreciated. I'm fairly savvy in regards to accounting and tax laws with the exception of this one issue which I'm sure is not a typical situation for most.
Foreign earned income exclusion and Traditional IRA to Roth IRA conversion taxes/ capital gains? I qualify for foreign earned income exclusion. This shows as a negative on income on the tax form. If I convert a traditional IRA to a Roth IRA, the IRS will withhold some taxes. Since my income is negative, can I get these taxes back at the end of the year? Alternatively, can my negative income offset capital gain taxes? Using the Turbotax program, it takes the value from form 2555, and places it as a negative number in form 1040. Reading the instructions from form 2555, it says to place the value in parenthesis which indicates a negative, correct?
Can charitable giving put me into a lower tax bracket and therefore lower my capital gains tax? The details: I am going to have a fairly large capital gains this year. I understand that if I am in the 15% or lower tax bracket, then my capital gains will be taxed at 5%. If I am above 15%, then my capital gains will be taxed at 15%. (I've held it for more than 1 year) Therefore, If I can get into the 15% tax bracket, I will save 10% on my capital gains taxes. Let's say the capital gains was $200K, and my adjusted gross income looks like it will be $9K over the 15% tax bracket cutoff for my non-captial gains tax income. Therefore, if I could get in the 15% tax bracket I would save 20K on my captial gains taxes because it would only be taxed at 5%. So if I donated $9K to charity and it put me in the 15% tax bracket, I would still be $11K ahead. However, is this possible? From looking at the IRS website and last year's Turbo Tax, it is not clear to me if charitable giving can actually put me in a lower tax bracket. Thank you for taking the time to answer my question. The captial gain is from sell of real estate, but no the primary residence. I do not want to do a 1031 exchange, unless it is possible to buy a new primary residence with it.
Simple Trust: Are dividends and capital gains taxed as ordinary income? I am filling out form 1041 for a simple trust (which only contains 3 mutual funds). This year, there were approximately $1500 in dividends and $4500 in capital gains. Using the form, it looks like everything is being taxed as ordinary income (vs. 15% max capital gains rate). Is this correct? Also, if the trust were to be dissolved and mutual funds transferred to person who trust was set up for (without selling any mutual funds), would the IRS still view this as a sale and repurchase and expect taxes based on those "sales" next year?
I am confused by the 1031 law regarding capital gains. My husband and I want to start investing in real estate If we buy, improve and then sell, are we safe as long as we re-invest that money and the profits into another property of equal or greater value? These properties would probably all be sold within 4 to 6 months of the original purchase. Can you keep going re-investing your money without having to pay capital gains taxes? Or is this just a stupid question, considering the voracity if the IRS? Do you also pay State AND Fed Taxes on Capital Gains???
Canadian Capital Gains Tax for American selling property in Canada? I am a 25% owner of a family property in Canada that will likely see a $600k ore more capital gains. I'm a dual Canadian/American citizen living in the US. What would the capital gains tax be and would I also be taxed again by the IRS when I bring my profit to the US? Does the fact that I have dual citizenship come into play (favorably or unfavorably)? I've lived in the US for 15 years.
A person has lived in nursing home for past 3 years. Can he take advantage of $250,000 capital gain exemption A person has lived in a nursing home the past 3 years and is planning on selling his house for a gain of $150,000. The person has owned this house only for the past 15 years, but obvisouly has not lived in it. Can he still take advantage of the $250,000 expemtion the IRS allows for capital gains on houses?
How does IRS handle the sale of a home (Capital Gains Tax) when one of the rooms is rented to our business.? We have our own business and use 10% of the house as a rental to the business. We will be moving to another state next year and wondered about how this will affect our tax return since I had heard at one time that you would have to declare something on the gain in the sale process because of the business rental tax deduction we've been getting.
When paying taxes on capital gains, does the IRS count commissions? For example, if I have sold several stocks with a flat rate commission of $4.95 for buying and selling, and my total gains would appear to be X. However, after the commissions are taken into account, I only truly gained Y, where Y is less than the value of X. Doesn't the IRS only see my total gains and not see the commission fee, or am I wrong here?
Defer Capital Gains on property sold on land contract? Need answer asap - please with references...? I do underwriting for commercial lending, so need direct reference from IRS (searching myself in meantime). Is it true that one can defer capital gains on property sold on land contract? He claims that "Under Capital Gains the IRS code Sec. 1222; Reg 1.1222-1 specifies “In the case of real estate, a sale or exchange occurs on the earlier of the date of conveyance or the date when all of the burden and benefits of ownership pass to the purchaser. Obviously, the purchaser does not have all of the burdens or rights of ownership, i.e., they cannot sell the real estate, drop insurance, burn it down, not pay the taxes, not pay the monthly payments (without ownership reverting to me) and dozens of other factors. Purchaser could simply walk away and I’d have them back! Of course the conveyance of the deed won’t happen until the last payment is made in full." He refers to "like like" exchange as other loophole and why pay cap gains if you don't have to. Please include link or pro reference.
Defer capital gains on land contract sale? Please be specific? Uderwriting for commercial lending, so need direct reference from IRS (searching myself in meantime). Is it true that one can defer capital gains on property sold on land contract? He claims that "Under Capital Gains the IRS code Sec. 1222; Reg 1.1222-1 specifies “In the case of real estate, a sale or exchange occurs on the earlier of the date of conveyance or the date when all of the burden and benefits of ownership pass to the purchaser. Obviously, the purchaser does not have all of the burdens or rights of ownership, i.e., they cannot sell the real estate, drop insurance, burn it down, not pay the taxes, not pay the monthly payments (without ownership reverting to me) and dozens of other factors. Purchaser could simply walk away and I’d have them back! Of course the conveyance of the deed won’t happen until the last payment is made in full." He refers to "like like" exchange as other loophole and why pay cap gains if you don't have to. Please include link or professional reference.
Does the IRS wash sale rule apply to gains as well as losses? I have found several references to the wash sale rule expressed in terms of a caution against rebuying a stock within 30 days if you have a loss on a stock sale that you wish to deduct. My question relates to the case where you have taken a gain on a stock sale. Does the wash sale rule still apply. If I rebuy the same security within 30 days, can I avoid taking the capital gain on the previous profitable sale?
How much capital gain do I have to accumulate before I must tell the IRS about it? ...trading on the stock market.
What are the capital gains tax rate for a foreigner non resident in the USA? CGT on the sale of shares on the NYSE. What is the IRS tax rate? Thanks. Hi what if you are not physically in the USA? Any idea on Obama's proposed Tax Rate?
Roth IRA taxation of gold or silver ETF capital gains? I understand that gold and silver ETF capital gains are currently taxed at 28%, normally, But in a Roth IRA would the capital gains be untaxed (tax free) on liquidation in the Roth IRA and distribution to me? I presume so, but would like the cold comfort of a specific IRS reference and haven't found one.
Capital Gains Tax Question? I have read that in 2008 the capital gains tax will be 0% for those in the 15% tax bracket (about $63700 AGI) If true, how will the IRS treat a combination of capital gains and earned and unearned income. For example sold stock with a cap gains of $63700 additional income $40000 will first $63700 from cap gains be considered first?, therefore $0 tax and then the $40000 considered in the 25% bracket?
Capital losses in excess of capital gains Carryforward/Carryback of Net operating loss NOL with a trust accoun? Can an irrevocable trust carryforward or carryback a net operating loss? If so please let me know how to calculate the NOL. From the irs website "Capital losses in excess of capital gains" are disallowed, so even though the trust has negative taxable income, there is no NOL. Please let me know if I am interpreting this correctly. Dividends +5k Capital Loss -3K Income = +2K Accountant Fee +100 Fiduciary Fee +3500 Exemption +100 Total Expenses = +3,700 Div 5K Less Allowable Expenses 3.7K No NOL Thanks,
how to pay taxes on capital gains for stock sales? do i pay at the end of the year or when I sell it? I heard that if you make money in the market and didnt pay taxes on it by the end of the year the IRS will charge you interest and you would get penalized. Is that true?
Is there anyway to get around paying capital gains taxes on a house I just built? ? I built a home and moved in June 1, 2008. I want to sell it next spring (2009). I looked on the irs website and it says i have to live in it for 2 years. So does anyone know if I can get around this?
If I sell my house, how long will I have to purchase another, before being liable for capital gains taxes? I have lived in the house for 7 years, so I meet the "two of five" IRS rule.
Does the IRS tax withdrawals from IRA's belonging to non residents? I lost my US residency.When I reach age 70 I will have been out of the USA for 15 years.The bulk of my IRA will be from capital gains.Will the IRS tax me?
calculate capital gains on house sale? 1993 Parent takes principle residence and divides as follows: 1/3 parent 1/3 daughter 1/3 son All three are tenants in common and house is worth 160,000 709 filed with irs 2006 Day before parent dies, parent share divided between daughter and son still tenants in common. Daughter has lived in house the entire time therefore house is principle residence. Son has not lived in house since 1970. Assuming house sells in 2007 for 450,000 what do son and daughter owe in terms of capital gains ? basis of house is 150,000
Stock trading capital gains tax? Quick question on tax from capital gains. My broker sent me the forms for this year, and apparently only the the transactions from the SALES of my equities were reported to the IRS but my BUY transactions were not. In that case how does the IRS figure out how much capital gains I really made? [seems like a stupid question but I can't figure this out]
If i've sustained a minor capital loss, do i still bring the 1099-B form to? HR Block, or do I not have to report this loss to the IRS. As for a capital gain, do i just write them a check to cover the taxes on my profits? Also if my capital loss is 3,000, do I get thirty percent of that back, since I'll be exempt from taxes on 3gs worth of my salary revenue.
Do I have to claim home sale if exempt from capital gains? Thanks in advance - I sold my home and profit about 160,000 - according to IRS rules (primary residence at least 2 yrs, lived there, married file jointly, etc) I should be exempt from the cap. gains tax. Do I have to report it anywhere when I file my taxes? I did use the money to buy out my bro and sis on my late mom's house, which we all inherited.
I'm 65. Can short-term capital gains inside my IRA be offset with s-t K losses outside IRA? I'm 65. I have to pay ordinary income tax on all of mine IRA distributions (all my IRA contributions were non deductible). Question is, since the distributions are all related to short-term capital gains in my self-directed IRA stock portfolio, can I offset these gains with short-term capital losses in stock investments outside the IRA, and if this is possible, what IRS forms do I use. Thanks.
Does the IRS tax withdrawals from IRA's belonging to non residents? I lost my US residency.When I reach age 70 I will have been out of the USA for 15 years.The bulk of my IRA will be from capital gains.Will the IRS tax me? So I still havent had an answer.To put it another way.DOES UNCLE SAM TAX PEOPLE WITH NO REPRESENTATIVE IN CONGRESS? I bet he does.His morals have changed since the Boston tea party.
Capital Gains and Underwithholding Penalties? I have been hearing from some others that capital gains (say, from the stock market) of a decent size need to be reported to the IRS when they occur, in order to adjust the withholding for the remainder of the year. Basically, the IRS wants to get their money as evenly as possible across the year, not in one lump sum come tax season. Otherwise, they'll charge you a penalty of some sort (in interest). Is this true? Basically, my only withholding is set up for my regular salary. But I just happened to have done pretty well on the stock market as of late (and sold, realizing these positions). Do I need to go alter my withholding for the remainder of the year, in order to account for this (unexpected) capital gain? Thanks in advance!
Capital gains tax on foreclosures? The IRS is saying that people owe capital gains taxes on the unpaid balance of their mortgages when they loose their homes? Somebody will need to explain to me how foreclosing on a house is the same as forgiving a debt, as collateral (real property) was taken including whatever equity the borrower has gained up to that point, but canceling the mortgage only benefits the borrower in that he did not loose more than his equity. This sounds a lot like the convoluted ersatz economic thinking that caused the whole mess to begin with.
I live in Texas. How much can I expect to pay in capital gains tax of $23,000 from a credit card settlement? Let me clarify, I used a debt negotiation company to successfully settle a $30,000 bank loan for $7000 and the bank said that since there is a $23,000 difference, I must file a 1099 and pay a capital gains tax to the IRS. *What is my best "legal" loophole/strategy to utilize in this situation? *FYI: Tax-wise, I file SINGLE and my salary is in the range of 65K-70K.
How much will I owe the IRS from this Short Term Capital Gain? I have a 2009 realized short term capital gain of $13,364. My income for this year will be somewhere between $33,950 and $82,250 so I believe that will put me in the 25% tax bracket. Assuming I have no other gains and no losses for the year, how much would I owe in taxes just from the $13,364 capital gain? I think it would be 25% of $13,364 which would mean I'm going to have to pay $3,341 on that capital gain, but I'm not 100% sure… Can someone just tell me if I'm calculating this correctly? Thanks!
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